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Country Garden shareholder launches $400 mln block-IFR
February 29, 2012 / 10:53 AM / in 6 years

Country Garden shareholder launches $400 mln block-IFR

HONG KONG, Feb 29 (Reuters) - Concrete Win Ltd, the controlling shareholder of Chinese property developer Country Garden Holdings, and Merrill Lynch International have launched a share sale worth up to $400 million, IFR reported on Wednesday.

Concrete Win and Merrill Lynch offered the shares at HK$3.16-HK$3.30, said IFR, a Thomson Reuters publication. The price was equivalent to a discount of 6-10 percent to the HK$3.51 closing price on Wednesday.

JPMorgan and Goldman Sachs were hired as joint bookrunners, IFR said, citing a term sheet of the transaction.

Country Garden issued $600 million of convertible bonds in 2008 and entered into an equity swap agreement with Merrill Lynch worth $250 million.

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